Collinson FX Market Commentary- October 1, 2013 - Shutdown looms
by Collinson FX on 2 Oct 2013
Collinson FX market Commentary: September 27, 2013
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18ft Skiffs San Francisco, USA © Richard Gladwell www.richardgladwell.com
Equity markets fell again overnight as the pending US Government shutdown appears more likely.
The deadlines are disappearing and it seems likely the shut down will occur with the Debt Ceiling debate looming large. Uncertainty prevailed overnight and another volatile October seems to be in the offing. Equities hate the uncertainty and the steady meltdown continues. The USD is not as attractive in the face of all the political warfare and the GBP continues to book heavy gains, rising to 1.6180.
Even the single European currency took heart and rallied to 1.3525. Commodity currencies continued to be beneficiaries with the KIWI breaking 0.8300 after a rise in business confidence.
The AUD also managed to break back over the 0.9300 in spite of adverse local currents. Attention will be focused on the US Government so politics will drive markets over the next 24 hours!
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